- DOGS memecoin plummets 23.77% after Binance listing.
- Increased market uncertainty has resulted to $6.92 million total liquidation.
DOGS memecoin made a strong entry into the crypto market after a long-anticipated listing on Binance [BNB] on the 26th of August 2024.
The launch became a social buzz, especially as the launch timing coincided with International Dog Day.
After the launch, DOGS became available for trading on Binance, including various pairs such as DOGS/USDT, DOGS/FDUSD, and DOGS.TRY.
As reported earlier by AMBCrypto, the listing was expected to drive market demand since Binance is the largest crypto exchange based on trading volume.
With this favorability, the memecoin was well-positioned to create a strong user base. However, the market did not respond as expected, as prices have expressed a sharp decline.
DOGS plummets after listing
Source: TradingView
The Binance listing was anticipated to boost trading activity, and demand, and drive prices up through buying pressure.
However, at press time, the Ton-based meme coin was trading at $0.00128 after a 19.80% decline over the past 24 hours.
Since its launch, DOGS declined by 23.77%. This marked a strong downward trajectory against market predictions. Before the official launch, the memecoin was predicted to surge to $0.002.
Thus, a decline to $0.00129 has left the market worried over future prospects.
Source: Coinglass
Usually, memecoins surge immediately after launch, thus, this launch defied the most common market trend. This showed investor’s lack of confidence in the memecoin’s potential.
Also, according to Coinglass, DOGS has experienced $6.92 million in total liquidation since the launch. Long position liquidation has hit $3.55 million, while short position liquidation hit $3.37 million.
Such high levels of liquidation for short and longs show investors’ lack of confidence, fear, and market uncertainty, which is a bearish market sentiment.
Source: Coinglass
This market phenomenon is further shown by the OI-Weighted Funding Rate. The Weighted Funding showed a mixture of negative and positive according to Coinglass.
This indicated a lack of demand for either shorts or longs, suggesting market indifference.
Read Binance Coin’s [BNB] Price Prediction 2024–2025
If the current market condition holds, DOGS may plummet further to a pre-listing value of around $0.0005416. But a reversal will drive the meme-coin to its significant resistance level of $0.0018.
However, as the memecoin sets foot, all eyes are set to determine how it navigates the market.
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